August 31st, 2017 7:22 AM by Jackie A. Graves
The first asset carries a vital importance to the holder; the
case is no different when it comes to home ownership. Renting a house for the
whole of your life is one of those things which every person wants to get rid
of as fast as possible. However, the obsession of owning a house should not be
the basis of taking miscalculated moves in respect to your finance. Financial
miscalculated moves can lead to loss of all your assets including the home you
while buying a first home, you will be required to exercise extra caution to
avoid losing your money either through scam or buying overvalued homes.
factors to consider before making your first home purchase
home is a collection of various items, and it cannot be defined as a single
entity. Thus, to get the actual value of your prospective home, you will need
to look at the inspection certificate to get the working condition of items
installed in the house, the quality of electricity system, roofing structure,
exterior design and the prevailing market value of that particular location.
you cannot get the inspection certificate from the seller, you can take the
initiative and hire a home inspector to do it for you. Adopting these measures
will save you the cost of buying a home at inflated prices or a poorly
conditioned home. Check the status of all installed cabinets, shelves, corner desk with storage,
and every tangible thing in the house. All of them count towards the final
value of the home.
home sellers undertake to absorb any maintenance or damages which occur in the
home within one year. Thus, while making a purchase decision, consider those
that provide a guarantee that they will be in charge of any defects noted in
the home within one year. These assurances give you the chance to try the new
buying a home is a capital expenditure, it requires you to put every aspect of
spending into consideration. Accumulate all the mortgage fees, inspection
costs, survey costs, valuation costs, stamp duty, and any other legal fees
involved with the purchase. The biggest mistake you can do is assuming these
costs since they are quite significant and absorbing them without budgeting for
them can lead to financial strains.
wants to own home, but you should only undertake the project at the right time.
Put logical reasoning into consideration and plan your budget well. If you are
in deficit, postpone the purchase or look for another source of financing to
top up the shortage. Never commit to a home purchase project if you cannot
fully finance the purchase because you might end up losing your deposit and
other related costs like valuation and inspection. Only buy when you have the
money at hand.
is power, and some of the parties who have all the information of your home are
the agents. They know the prevailing market rates as well as the loopholes to
avoid while making a genuine offer. They also know the bargaining aspects while
buying a house and what to look out for in a quality home. Hiring such an agent
can save you a lot of money in the long run.
is always good to know both the desired and the undesired elements in what you
are buying. The punch list will show what has been repaired and when was it
repaired and for what reason. These things will enable you to readily accept
the defects that may arise in the future.
a first home is a decision which requires a thorough consideration; even with
your home you will be required to have some monthly recurring costs like taxes
and other maintenance activities. Thus, compare the marginal cost of renting in
comparison to buying, and if the difference is minimal, it might be wise to
consider investing in more current businesses to maintain and increase your
under a majority of the conditions, the benefits of buying a home will always
outweigh the costs of renting. Thus, it can be conclusively stated that it is
better to buy a home rather than to rent but consider the relevant factors.
By Margaret Horton - To view the original article click here